Essays on asymmetric information problems without the single-crossing property: applications to corporate finance

The objective of this dissertation is to re-examine classical issues in corporate finance, applying a new analytical tool. The single-crossing property, also called Spence-irrlees condition, is not required in the models developed here. This property has been a standard assumption in adverse selection and signaling models developed so far. The classical papers by Guesnerie and Laffont (1984) and Riley (1979) assume it. In the simplest case, for a consumer with a privately known taste, the single-crossing property states that the marginal utility of a good is monotone with respect to the taste. This assumption has an important consequence to the result of the model: the relationship between the private parameter and the quantity of the good assigned to the agent is monotone. While single crossing is a reasonable property for the utility of an ordinary consumer, this property is frequently absent in the objective function of the agents for more elaborate models. The lack of a characterization for the non-single crossing context has hindered the exploration of models that generate objective functions without this property. The first work that characterizes the optimal contract without the single-crossing property is Araújo and Moreira (2001a) and, for the competitive case, Araújo and Moreira (2001b). The main implication is that a partial separation of types may be observed. Two sets of disconnected types of agents may choose the same contract, in adverse selection problems, or signal with the same levei of signal, in signaling models.

Optimal regulation of oil fields under asymmetric information

Neste trabalho é analisada a relação entre um regulador e uma empresa petrolífera. Há várias incertezas inerentes à essa relação e o trabalho se concentra nos efeitos da assimetria de informação. Fazemos a caracterização da regulação ótima sob informação assimétrica, quando o regulador deve desenhar um mecanismo que induz a firma a revelar corretamente sua informação privada. No caso em que a rma não pode se comprometer a não romper o acordo, mostramos que o regulador pode não implementar o resultado ótimo que é obtido sob informação completa. Nesse caso, o regulador não consegue compartilhar os riscos com a firma de forma ótima. Por fim, é apresentado um exemplo, em que mostramos que a condição de Spence-Mirrlees (SMC) pode não valer. Esse resultado aparece de forma natural no modelo.

Intercepting moving targets: does memory from practice in a specific condition of target displacement affect movement timing?

This investigation aimed at assessing the extent to which memory from practice in a specific condition of target displacement modulates temporal errors and movement timing of interceptive movements. We compared two groups practicing with certainty of future target velocity either in unchanged target velocity or in target velocity decrease. Following practice, both experimental groups were probed in the situations of unchanged target velocity and target velocity decrease either under the context of certainty or uncertainty about target velocity. Results from practice showed similar improvement of temporal accuracy between groups, revealing that target velocity decrease did not disturb temporal movement organization when fully predictable. Analysis of temporal errors in the probing trials indicated that both groups had higher timing accuracy in velocity decrease in comparison with unchanged velocity. Effect of practice was detected by increased temporal accuracy of the velocity decrease group in situations of decreased velocity; a trend consistent with the expected effect of practice was observed for temporal errors in the unchanged velocity group and in movement initiation at a descriptive level. An additional point of theoretical interest was the fast adaptation in both groups to a target velocity pattern different from that practiced. These points are discussed under the perspective of integration of vision and motor control by means of an internal forward model of external motion.

Number of options in a movement sequence affects learners' behavior in a self-controlled practice condition

Self controlling practice implies a process of decision making which suggests that the options in a self controlled practice condition could affect learners The number of task components with no fixed position in a movement sequence may affect the (Nay learners self control their practice A 200 cm coincident timing track with 90 light emitting diodes (LEDs)-the first and the last LEDs being the warning and the target lights respectively was set so that the apparent speed of the light along the track was 1 33 m/sec Participants were required to touch six sensors sequentially the last one coincidently with the lighting of the tar get light (timing task) Group 1 (n=55) had only one constraint and were instructed to touch the sensors in any order except for the last sensor which had to be the one positioned close to the target light Group 2 (n=53) had three constraints the first two and the last sensor to be touched Both groups practiced the task until timing error was less than 30 msec on three consecutive trials There were no statistically significant differences between groups in the number of trials needed to reach the performance criterion but (a) participants in Group 2 created fewer sequences corn pared to Group 1 and (b) were more likely to use the same sequence throughout the learning process The number of options for a movement sequence affected the way learners self-controlled their practice but had no effect on the amount of practice to reach criterion performance.

Expert system for the assessment of power transformer insulation condition based on type-2 fuzzy logic systems

An efficient expert system for the power transformer condition assessment is presented in this paper. Through the application of Duval`s triangle and the method of the gas ratios a first assessment of the transformer condition is obtained in the form of a dissolved gas analysis (DGA) diagnosis according IEC 60599. As a second step, a knowledge mining procedure is performed, by conducting surveys whose results are fed into a first Type-2 Fuzzy Logic System (T2-FLS), in order to initially evaluate the condition of the equipment taking only the results of dissolved gas analysis into account. The output of this first T2-FLS is used as the input of a second T2-FLS, which additionally weighs up the condition of the paper-oil system. The output of this last T2-FLS is given in terms of words easily understandable by the maintenance personnel. The proposed assessing methodology has been validated for several cases of transformers in service. (C) 2010 Elsevier Ltd. All rights reserved.

Effect of precracking method on K(Ic) results for medium-density polyethylene tested under cryogenic condition

The effect of different precracking methods on the results of linear elastic K(Ic) fracture toughness testing with medium-density polyethylene (MDPE) was investigated. Cryogenic conditions were imposed in order to obtain valid K(Ic) values from specimens of suitable size. Most conservative K(Ic) values were obtained by slow pressing a fresh razor blade at the notch root of the specimen. Due to the low deformation level imposed on the crack tip region, the slow pressing razor blade technique also produced less scatter in fracture toughness results. It has been shown that the slow stable crack growth preceding catastrophic brittle failure during K(Ic) tests in MOPE under cryogenic conditions should not be disregarded as it has relevant physical meaning and may affect the fracture toughness results. (C) 2010 Elsevier Ltd. All rights reserved.

Thermodynamic information system for diagnosis and prognosis of power plant operation condition

A thermodynamic information system for diagnosis and prognosis of an existing power plant was developed. The system is based on an analytic approach that informs the current thermodynamic condition of all cycle components, as well as the improvement that can be obtained in the cycle performance by the elimination of the discovered anomalies. The effects induced by components anomalies and repairs in other components efficiency, which have proven to be one of the main drawbacks in the diagnosis and prognosis analyses, are taken into consideration owing to the use of performance curves and corrected performance curves together with the thermodynamic data collected from the distributed control system. The approach used to develop the system is explained, the system implementation in a real gas turbine cogeneration combined cycle is described and the results are discussed. (C) 2011 Elsevier Ltd. All rights reserved.

A survey on the sanitary condition of commercial foods of plant origin sold in Brazil

The objective of the study was to evaluate the hygienic conditions and practices of commercial foods of plant origin in establishments and street marketed by street vendors in cities in the State of Rio de Janeiro, Brazil. Forty different sales points were evaluated (establishments that prepared and sold fruit juices and street vendors that commercialized fresh coconut water, sugarcane juice and orange juice) using a questionnaire with 12 items, divided into three blocks (salesmen/handlers, operations, installations). The results indicated that the activities related to the commerce of fruit beverages in the cities of Sao Goncalo and Rio de Janeiro required the elaboration of a set of actions by the Sanitary Vigilance Agency in order to improve the hygienic and sanitary level and minimize health risk to consumers. Important requirements in the legislation relevant to this type of food are still not followed; adequate packaging and storage of the raw material, obtaining the raw material from registered suppliers, hygiene of the handlers and adequate management of wastes produced during the activities in question are amongst the main items deserving attention. (C) 2009 Elsevier Ltd. All rights reserved.

Effects of stimulus modality and task condition on blink startle modification and on electrodermal responses

Participants in Experiments 1 and 2 performed a discrimination and counting task to assess the effect of lead stimulus modality on attentional modification of the acoustic startle reflex. Modality of the discrimination stimuli was changed across subjects. Electrodermal responses were larger during task-relevant stimuli than during task-irrelevant stimuli in all conditions. Larger blink magnitude facilitation was found during auditory and visual task-relevant stimuli, but not for tactile stimuli. Experiment 3 used acoustic, visual, and tactile conditioned stimuli (CSs) in differential conditioning with an aversive unconditioned stimulus (US). Startle magnitude facilitation and electrodermal responses were larger during a CS that preceded the US than during a CS that was presented alone regardless of lead stimulus modality. Although not unequivocal, the present data pose problems for attentional accounts of blink modification that emphasize the importance of lead stimulus modality.

Investigations into effective methods for assessing the condition of insulation in aged power transformers

This paper investigates the effective diagnostic technique(s) for assessing the condition of insulation in aged power transformers. A number of electrical, mechanical and chemical techniques were investigated. Many of these techniques are already used by the utility engineers and two comparatively new techniques are proposed in this paper. Results showing the effectiveness of these diagnostics are presented and correlation between the techniques are also presented. Finally, merits and suitability of different techniques are discussed in this paper.

The role of parental anxiety in the treatment of childhood anxiety

Sixty-seven children aged 7 to 14 who met diagnostic criteria for an anxiety disorder were assigned to conditions according to parental anxiety level. Within these conditions, children were randomly assigned to I of 2 treatments: child-focused cognitive-behavioral therapy (CBT) or child-focused CBT plus parental anxiety management (CBT + PAM). At posttreatment, results indicated that within the child-anxiety-only condition, 82% of the children in the CBT condition no longer met criteria for an anxiety disorder compared with 80% in the CBT + PAM condition. Within the child + parental anxiety condition, 39% in the CBT condition no longer met criteria compared with 77% in the CBT + PAM condition. At follow-up, these differences were maintained, with some weakening over time. Results were not consistent across outcome measures. The interpretation and potential clinical implications of these findings are discussed.

Numerical and experimental study of seepage in unconfined aquifers with a periodic boundary condition

The assessment of groundwater conditions within an unconfined aquifer with a periodic boundary condition is of interest in many hydrological and environmental problems. A two-dimensional numerical model for density dependent variably saturated groundwater flow, SUTRA (Voss, C.I., 1984. SUTRA: a finite element simulation model for saturated-unsaturated, fluid-density dependent ground-water flow with energy transport or chemically reactive single species solute transport. US Geological Survey, National Center, Reston, VA) is modified in order to be able to simulate the groundwater flow in unconfined aquifers affected by a periodic boundary condition. The basic flow equation is changed from pressure-form to mixed-form. The model is also adjusted to handle a seepage-face boundary condition. Experiments are conducted to provide data for the groundwater response to the periodic boundary condition for aquifers with both vertical and sloping faces. The performance of the numerical model is assessed using those data. The results of pressure- and mixed-form approximations are compared and the improvement achieved through the mixed-form of the equation is demonstrated. The ability of the numerical model to simulate the water table and seepage-face is tested by modelling some published experimental data. Finally the numerical model is successfully verified against present experimental results to confirm its ability to simulate complex boundary conditions like the periodic head and the seepage-face boundary condition on the sloping face. (C) 1999 Elsevier Science B.V. All rights reserved.

No evidence of female choice for a condition-dependent trait in the agamid lizard, Ctenophorus ornatus

Female choice has rarely been documented in reptiles. In this study we examined the variation, condition-dependence and female preference for a range of male morphological and colour traits in the agamid lizard, Ctenophorus ornatus. Colour traits were measured with reflectance spectrophotometry which allows the accurate quantification of colour traits independent of the human visual system. All the colour traits varied greatly in brightness but only the throat showed high variation in the spectral shape. For the morphological traits, chest patch size showed the highest amount of variation and was also condition-dependent. Males with a larger chest patch also had a patch which was a darker black. Female mate choice trials were conducted on male chest patch size and body size, which is the trait females have preferred in other lizard species. Females showed no preference, measured as spatial association, for larger males or males with bigger chest patches. In post-hoc tests females did not prefer males with brighter throats or darker chests, Our findings suggest that females show no spatial discrimination between males on the basis of a range of traits most expected to influence female choice.